Following recent news that off-plan sales are firmly back in fashion on the Costa del Sol with 1 billion euro’s of investment expected this year, new reports reveal that Spanish new home completions reached nearly 36,000 between January to August 2017, representing 39.7% growth compared to the same period last year.
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The report that new home completions have moved back into positive growth comes as good news to the construction industry following nine years of consecutive decline, however there is still a long way to go for the market to reach the 641,419 completed properties witnessed in 2007.
Private developers were responsible for the lions share of new homes with 97.8% of the total completions, growth of 38.4% compared to 2016. Whilst only being responsible for 2.2% of the total, the number of new homes constructed by local councils was more than double compared to the previous year.
In total, the value of new homes constructed during the first nine months of 2017 reached 4,736.5 million euro’s, 44.8% more than the same period last year.